A new world order is taking shape as a result of the relative decline of the United States (US) and other Western economies. An important aspect of relative decline is a progressive secular slowing down of productivity growth. Another is the way US development has been shaped and to some extent...

The rise of China was closely associated with the strategic opportunity offered by a wave of globalization dating from the 1970s. As China grew, western growth was not restored. Soon after the collapse of the Soviet Union and the arrival of the unipolar moment, the world confronted a succession...